More than 400 migrants pulled from the sea in recent days disembarked in Italy at the southern port of Taranto. AFP
More than 400 migrants pulled from the sea in recent days disembarked in Italy at the southern port of Taranto. AFP
More than 400 migrants pulled from the sea in recent days disembarked in Italy at the southern port of Taranto. AFP
More than 400 migrants pulled from the sea in recent days disembarked in Italy at the southern port of Taranto. AFP

Aid ship with more than 400 migrants rescued off Libya finally docks in Italy


Nicky Harley
  • English
  • Arabic

More than 400 migrants rescued by aid ships have finally been allowed to dock in Italy.

Many of those onboard were suffering from hypothermia and dehydration when they were rescued by the Ocean Viking, a humanitarian ship run by SOS Mediterranee and Doctors without Borders (MSF) this week.

Aid workers took 72 hours to carry out the mission and rescued 407 people in five operations.

The migrants were finally taken to the southern port of Taranto on Wednesday.

Earlier a woman who had suffered serious burns and her three children were removed from the ship and taken to Malta.

SOS Mediteranee operations director Federic Penard said it took the ship 10 hours to reach the location of the last two rescues and that Maltese armed forces handled a third.

Mr Penard said co-ordination and rescue operations on the dangerous central Mediterranean route were chaotic and there were not enough rescue ships on the lookout for people in trouble.

‘’The main issue is how to rescue these people," he said.

The Twitter account for Alarm Phone, an emergency hotline for people crossing the Mediterranean, posted that it was alerted in the past five days of nine boats in distress, carrying about 650 people.

‘’All of them escaped war-torn Libya and reached Europe,'' the tweet said.

Mr Penard called for government-led rescue operations, such as Italy's former Mare Nostrum patrols or the EU's Operation Sofia.

Sofia stopped operating ships last March and is limited to aerial surveillance.

‘’There is complete chaos in terms of co-ordination between the maritime authorities in Europe and the maritime authorities in Libya,'' Mr Penard said.

‘’Each rescue, we feel, is a bit of a miracle that we find the boats.''

The migrants who landed in Italy included 12 pregnant women and 132 unaccompanied children as young as 12, and 20 families, government officials said.

Malta opened a port Wednesday to the Alan Kurdi, a rescue ship run by a German humanitarian group, which was carrying 77 rescued migrants.

The Maltese government said it would accept 50 of the passengers for processing of asylum claims and the others would be transferred to other European countries.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The nine articles of the 50-Year Charter

1. Dubai silk road

2.  A geo-economic map for Dubai

3. First virtual commercial city

4. A central education file for every citizen

5. A doctor to every citizen

6. Free economic and creative zones in universities

7. Self-sufficiency in Dubai homes

8. Co-operative companies in various sectors

­9: Annual growth in philanthropy

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Profession: Senior sports presenter and producer

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SPECS
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Part three: an affection for classic cars lives on

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MATCH INFO

Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)

Russia 0

The%20specs
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Company Profile

Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

NEW%20UTILITY%20POLICY%3A%20WHAT%20DOES%20IT%20REGULATE%3F
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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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